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2022 (8) TMI 710 - Tri - Insolvency and BankruptcySeeking enforcement of the Resolution Plan as approved by this Adjudicating Authority - Respondent Damodar Valley Corporation (DVC) is not complying with the Resolution Plan and this is causing prejudice to the applicant - Section 60(5) Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016 - HELD THAT:- Once the Resolution Plan has been accepted and the claim of the DVC was pegged and allowed at Rs. 24.67 Crores, thereby excluding the total pre CIRP claim to the extent of Rs. 64.44 Crores, the claim became final for all practical purposes. The Corporate Debtor cannot have benefit on both counts. On the one hand, the Corporate Debtor has saved itself by waiver of all pre CIRP dues and on the other hand, if there is any adjustment of accounts in the applicant office, the Corporate Debtor cannot claim the same as its own receivables, and claim the said amount from the applicant. The applicant has borne all the pre CIRP dues as its bad debts and if it has fortunately adjusted some amounts that came to it through some decision of the Hon'ble Supreme Court. It should have the benefit of setting off that amount against its bad debts. There is no purpose to unjustly enrich the new investors who have entered the shoes of the Corporate Debtor by further exploiting and squeezing the DVC - there are no merit in the demand of the Corporate Debtor/applicant, the relief sought by the applicant staying the demand of the DVC beyond Rs. 24.67 Crores is thus rejected. Application dismissed.
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